|Day's Range||108.45 - 108.857|
|52 Week Range||104.8710 - 113.7020|
Invesing.com – The U.S. dollar was flat on Wednesday, shrugging off data showing stronger-than-expected inflation as traders awaited a Federal Reserve interest-rate decision later today.
Investors aren’t sure how to play the December 15 deadline for new U.S. tariffs on Chinese imports, which may be why the Dollar/Yen has been mostly rangebound over the past week.
Based on the early price action and the current price at 108.736, the direction of the USD/JPY the rest of the session on Wednesday will be determined by trader reaction to a downtrending Gann angle at 108.853 and an uptrending Gann angle at 108.718.
The US dollar looks as if it is trying to build a bit of a base against the Japanese yen, using the ¥108.50 level as support. Ultimately, the market looks as if it is going to move right along with risk sentiment, which of course is all over the place.
The British pound rallied a bit during the trading session on Tuesday, testing the ¥143 level, and breaking through it. It’s very likely that we will continue to see this market try to break out to the upside and get a head start on the election results.
Invesing.com – The U.S. dollar edged lower on Tuesday, as uncertainty over whether the U.S. would delay planned tariffs on imporrts from China continued to weigh on sentiment.
Market participants find themselves amid relatively calm waters, as investors count down the days to President Trump’s December 15 tariff deadline.
Based on the early price action and the current price at 108.601, the direction of the USD/JPY the rest of the session on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at 108.686.
Equities started the week a touch softer, S&P500; down 0.2% heading into the close, with similar declines seen in Europe. US 10-year treasury yields fell slightly while oil closed lower in the NY trading session.
The US dollar has pulled back a bit during the trading session on Monday, reaching towards the ¥108.50 level. This is an area that of course will attract a certain amount of attention due to the fact that it is a large, round, midcentury figure. Beyond that, we have several technical factors here as well.
The British pound has initially tried to rally during the trading session on Monday but has pulled back a bit to show signs of choppiness. Quite frankly, the British pound is going to be waiting on the elections.
Risk ON mode is back on the market. Prices of riskier assets are climbing up and safe heavens are drowning. This can especially be seen on gold, when Friday was one of the worst days in the past few weeks.
Invesing.com – The U.S. dollar fell on Monday amid uncertainty over whether the U.S. and China will be able finalize a partial trade deal and avoid a ramp-up in trade tensions before a deadline set for the end of this week.
Demand for risk will be the primarily driver of the price action this week, but there are some domestic reports that should be watched. Traders may not be too concerned about the economic data, however, since the government said last week it was going to provide stimulus in the future.
Investing.com - The British pound hit 31-month highs against the euro on Monday and hit seven-month highs against the U.S. dollar amid growing confidence about a Conservative Party victory in Thursday’s U.K. elections, which would end political paralysis on Brexit.
With stats on the lighter side, we can expect geopolitics to be in focus. Trade and the UK General Election are likely to be the talking points…
Investing.com - The U.S. dollar and the euro were little changed on Monday in Asia as traders await central bank meetings due later this week.
Risk factors were primarily responsible for the movement in the safe-haven Japanese Yen, while the commodity-linked Australian and New Zealand Dollars were underpinned by sharply higher crude oil prices. The Aussie and Kiwi were also supported by a surprise improvement in Chinese manufacturing activity.
The US dollar fell during the week but did see some positivity on Friday after the stronger than anticipated jobs figure. It makes sense at this point that we continue to see a lot of sideways action, but we are on the verge of some type of break out.
The British pound broke out against the Japanese yen during the week, finally slicing through the resistance barrier that had been keeping it down for quite some time. At this point, it looks as if we are ready to continue going higher as the election looms.
The US dollar has recovered against the Japanese yen after initially falling on Friday, due to the stronger than anticipated jobs number. Beyond that, we also have the so-called “golden cross” getting ready to occur.
The British pound pulled back a bit during the trading session on Friday, but then turned around to show signs of strength again. This continues the overall “risk on” trade situation.
Investing.com – The U.S. dollar rallied on Friday as stronger-than-expected U.S. jobs gains last month reaffirmed beliefs that the economy remained on solid footing.